CD South Africa: Emerging markets take a beating
Currencies Direct February 11th 2015 - < 1 minute read
The Turkish Lira is at its weakest level ever against the US dollar, the Brazilian Real its weakest in ten years and Mexican Peso not far behind… these are ominous signs for the rand. Concerns over Greece have sent investors running for safe havens like the US dollar, euro and pound.
The Greek government will submit a new debt restructuring proposal today, with markets eyeing whether Greek heads are still floating in the clouds. If we don't see a more conciliatory tone out of Greece and a halt to the violence in Ukraine (not to mention what could happen at the State of the Nation Address tomorrow), the 11.81/$ level will no doubt come under pressure.
Commentary by Gareth Frye
Written by
Currencies Direct